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Maris-Tech Ltd. (Nasdaq: MTEK) is a leading B2B provider specializing in remote video, audio, and telemetry acquisition, distribution, and sharing solutions. Utilizing high-end digital video, audio, and wireless communication technologies, Maris-Tech designs, develops, manufactures, and commercially sells miniature intelligent video and audio surveillance and communication systems. These systems cater to both professional and civilian markets, including home security.
Founded by veterans of the Israeli technology sector, Maris-Tech leverages extensive electrical engineering and imaging experience to deliver high-performance, compact, low-power, and low-latency solutions. Their products are used by companies worldwide, including leading electro-optical payload, RF datalink, and unmanned platform manufacturers, as well as defense, homeland security, and communication companies.
Recently, Maris-Tech launched the Emerald, a Jupiter-based multiple-channel high-definition and standard-definition raw video recording platform designed specifically for defense armored vehicles. This innovation addresses the growing demand for AI-based situational awareness and autonomous unmanned vehicle applications. The raw video gathered during operational activities is crucial for continuous deep learning and AI algorithm improvements.
With annual revenues of approximately $4.0 million for the year ended December 31, 2023, representing a 60% growth over 2022, Maris-Tech has shown significant financial growth. The company reported a net loss reduction by 27% to approximately $2.7 million in the same period.
The company's backlog as of January 1, 2024, was approximately $9.76 million, indicating a substantial increase from the previous year. This growth is fueled by new strategic collaborations, development of new products, and an expanded global footprint. Key partnerships include a collaboration with Renesas to pioneer groundbreaking edge computing solutions and improve system performance across various sectors.
Maris-Tech continues to receive significant orders from existing customers, reaffirming its capability to deliver customized solutions based on its leading platforms like Jupiter and Uranus. Recent orders include a $415,800 order for a defense solution based on the Jupiter Nano platform and a $957,000 repeat order for enhanced situational awareness solutions for armored and autonomous vehicles.
Looking ahead, Maris-Tech is poised for continued growth and technological advancement, committed to meeting the evolving demands of commercial, defense, and autonomous remote platform applications.
Maris-Tech Ltd. (Nasdaq: MTEK, MTEKW) has been awarded a $100,000 contract by a governmental agency to develop the Jupiter Automotive video solution, enhancing capabilities for defense, homeland security, and commercial markets. This project utilizes the company's Jupiter platform, known for low latency and high-quality video encoding and decoding. The delivery is anticipated within 2023, aligning with the company's strategy to integrate AI capabilities into its technologies. Maris-Tech specializes in intelligent video transmission and aims to meet the growing demand in tactical applications.
Maris-Tech Ltd. (Nasdaq: MTEK, MTEKW) announces the completion of its share repurchase program, acquiring 120,715 ordinary shares, representing 1.5% of its total shares, at an average cost of $0.987 per share as of March 31, 2023. This strategic move aims to enhance shareholder value and reflects management’s confidence in the company’s future. The company specializes in intelligent video transmission technology and has been actively working on expanding its presence in commercial and tactical applications across various sectors.
Maris-Tech Ltd. (Nasdaq: MTEK, MTEKW) announced a collaboration agreement with Art of Logic (AOL), enhancing their technology for AI applications on Maris-Edge platforms. AOL, an Australian technology wholesaler, will act as Maris-Tech's exclusive representative in Australia and New Zealand, facilitating access to clients in defense, space, and Homeland Security sectors. The partnership follows AOL's $660,000 order for the Onyx product, focusing on intelligent video transmission and AI capabilities. Maris-Tech aims to expand its market presence through strategic partnerships, aligning with its global growth mission.
Maris-Tech Ltd. (Nasdaq: MTEK) reported annual revenues of approximately $2.5 million for the year ended December 31, 2022, marking a growth of over 20% from $2.07 million in 2021.
The company's backlog reached $1.9 million as of January 1, 2023, up more than 215% from $608,000 in 2022. Cash and equivalents totaled $9.34 million, up from $49,126 a year prior.
CEO Israel Bar highlighted strategic partnerships, including a collaboration with SpaceIL for the
Maris-Tech Ltd. (Nasdaq: MTEK, MTEKW) has announced that it has regained compliance with Nasdaq Listing Rule 5550(a)(2), which mandates a minimum bid price of $1.00 per share. This determination follows the company's ordinary shares maintaining a closing bid price of $1.00 or greater for 20 consecutive business days. As a result, Nasdaq has closed the prior bid price deficiency matter. Maris-Tech specializes in intelligent video transmission technology designed for various commercial and tactical applications.
Maris-Tech Ltd. (Nasdaq: MTEK, MTEKW) announced the appointment of Nir Ben Moshe to its advisory board on February 22, 2023. Formerly a senior director in the Israeli Ministry of Defense, Ben Moshe brings extensive experience in managing national security operations and significant budgets. His role will focus on business development and global marketing for Maris-Tech, aimed at expanding its global market reach. CEO Israel Bar expressed optimism about Ben Moshe's ability to forge connections with high-ranking officials and contribute to the company's future growth.
Maris-Tech Ltd. (Nasdaq: MTEK, MTEKW) announced the formation of a professional advisory board to enhance its commercial and technological strategies. The board's first member is Leslie G. Litwin, who brings extensive marketing experience in video technologies. He is the founder of Antrica, a successful distributor of the Company’s products. CEO Israel Bar emphasized that this initiative aims to boost global awareness of intelligent video transmission technologies, which are pivotal for various sectors, including defense and commercial markets. The Company remains focused on expanding its customer base and networks through expert collaborations.
Maris-Tech Ltd. (Nasdaq: MTEK) has received a notice from Nasdaq stating it is not in compliance with the minimum bid price requirement of $1.00. The company has a 180-day period to regain compliance, expiring on July 17, 2023. If it fails to meet the requirement, it may be eligible for an additional compliance period or face delisting. Maris-Tech aims to regain compliance and may consider a reverse share split if necessary. The notice does not affect the trading of its shares during this period.
Maris-Tech Ltd. (Nasdaq: MTEK) recently announced a $660,000 purchase order from a new customer in Australia, marking its first order from this region. This order is for the Onyx product, which enhances AI capabilities for vehicle video management systems in the Homeland Security sector. The company plans to deliver the order during 2023. CEO Israel Bar highlighted this order as a testament to their strong offerings and ongoing business growth strategy, which includes expanding into new territories and forming new partnerships.
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